Central Freight Lines
agreed to be acquired by a big stockholder in a deal that values the trucking company at $2.25 a share.
Central, based in Waco, Texas, will be bought by a company controlled by Jerry Moyes. All Central stockholders, other than Moyes and certain Moyes family trusts, will receive the takeover price, which represents roughly a 24% premium over the Friday close.
Moyes and his family trusts own around 31.5% of Central's common shares. Shares of Central were rising 34 cents, or 18.8%, to $2.15. The stock has traded between $1.50 and $7.50 in the last year.
"This transaction represents an endorsement of our ongoing commitment to provide our customers with excellent value and service," said Bob Fasso, president and chief executive of Central.